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Reuters
Reuters
Business

World Bank cuts China growth outlook on COVID, property woes

World Bank China
FILE PHOTO: An empty area is pictured in Lujiazui financial district, as coronavirus disease (COVID-19) outbreaks continue in Shanghai, China, December 19, 2022. REUTERS/Aly Song

The World Bank has cut its China growth outlook for this year and next, citing the impact of the abrupt loosening of strict COVID-19 containment measures and persistent property sector weakness.

The Washington-based lender, in a report released on Tuesday, said it expected China's economy to grow 2.7% in 2022, before recovering to 4.3% in 2023 as it reopens following the worst of the pandemic.

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